Branding and Customer Loyalty: The Importance of Customer Retention
Branding and customer loyalty go hand-in-hand when it comes to building and growing a successful business. Brand loyalty is when your customers will purchase your products and services over and over rather than buy from a competitor. Customer loyalty is a commitment made by your customers to be repeat customers to purchase and just use your brand.
Brand loyalty is essential for any business, no matter its size. Without building your brand and encouraging your customers to remain loyal, it will be difficult in developing effective customer retention. Customer retention is directly related to both brand loyalty and customer loyalty. Generally speaking, it is when you expect a certain percentage of all your customers to return to your business and buy from you on a regular basis.
Why Is Brand Loyalty Important?
Brand loyalty is important, as it means a certain subset of your customers are going to continue to purchase your brand over and over. Based on the Pareto Principle, this means that 20% of your current customers will provide 80% of your business’s future revenues.1
By focusing on developing effective marketing methods so you can get 20% of your current customers to become brand loyal, you will be ensuring 80% of your future sales. Every business person knows that retaining customers costs much less than finding new ones. In addition, loyal customers tend to spend between 60 to 70% more on each transaction compared to new customers.
Strategies to Build Brand Loyalty
As you can see, brand loyalty and customer loyalty can truly make or break or business. How can you build brand loyalty and loyal customers?
- Increase exposure for your business and brand.
One of the easiest ways to do this is with customized work uniforms that reflect your logo, brand name, and colors. When your employees wear the uniforms to and from work, people become more aware of your brand.
- Use technology to provide better customer experiences.
Offer your customers a mobile app, online shopping, or other such technologies that will benefit them. For example, the ability to place an order online and then have it loaded right into the customer’s vehicle without having to come into the store is a new trend you could tap into to grow your brand.
- Don’t overlook the power of social media.
Take the time to post pictures of products and happy customers, as well as share updates and what is happening at your business. People like being engaged by their local businesses and even feel more appreciated when you personally reply to comments left on your initial post. If some of your customers are already raving about your business on social media, take the time to reward them in some manner.
- Personalize the customer experience.
Addressing your customers by name, remembering their favorite items, and other such small details can further help build brand loyalty. While this can be more difficult for online and bigger operations, it is still possible to do by utilizing emails with personalized messages and special offers.
To start building brand loyalty through the use of customized work uniforms, please feel free to contact Prudential Overall Supply at (800) 767-5536 today! We offer a wide range of customizable options, including rentals, leasing, and wholesale work uniforms for sale.